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Bank of America and Credit Suisse have settled with a number of victims of former commodities, futures and foreign exchange broker Refco. The firm has become one of the most notoriously famous cases of fraud in the industry after in October 2005, it was announced that the company’s CEO Philipp Bennett had hidden $430 million worth of bad debts from auditors and investors.

In the aftermath of the bankruptcy of the company a group of victims have started legal proceedings against Bank of America and Credit Suisse alleging that the banks have aided the accounting fraud at Refco.